Economy

Friday, February 15th 2008 - 20:00 UTC
Fed admits outlook for US economy “has worsened”

United States Federal Reserve chief Ben Bernanke told Congress on Thursday that the US economic outlook had deteriorated but pointed out that the Fed will “act in a timely manner”.
Friday, February 15th 2008 - 20:00 UTC
US-Andean countries trade program extended ten months

A United States House of Representatives panel approved Thursday a ten month extension for a trade programme providing reduced tariffs for exports from the four Andean nations of Bolivia, Colombia, Ecuador and Peru.
Friday, February 15th 2008 - 20:00 UTC
Forecasts of another boom year for soybean farmers

The German Hamburg based publication Oil World has cut its estimate of the Brazilian 2007/08 soy crop to 59.3 million tons, down from the previous 59.8 million tons.
Friday, February 15th 2008 - 20:00 UTC
China's trade surplus in January jumps beyond all forecasts

China's trade surplus soared 22.7% in January as the economy continued to boom despite efforts to cool the rate of growth, official figures have shown. The gap between what China exports and what it imports grew to 22.7 billion US dollars last month, 15.9 billion a year earlier.
Friday, February 15th 2008 - 20:00 UTC
Most vulnerable populations hit by soaring cereal prices

Soaring international cereal prices and freight rates are projected to increase import bills for the world's poorest countries 35% for the second year running affecting the most vulnerable populations, points out FAO in its latest Crop Prospects and Food Situation report.
Friday, February 15th 2008 - 20:00 UTC
US 2007 trade deficit narrows for first time in six years

The US trade deficit narrowed in 2007 after five years of consecutive records, pushed by exports that helped offset the country's large growth in oil imports and trade gap with China. The deficit reached 711.6 billion US dollars in 2007, down from 758.5 billion in 2006, a 6.2% decline the Commerce Department said.
Friday, February 15th 2008 - 20:00 UTC
Euro zone growth outpaced the US; first time since 2001

An initial estimate shows that Euro zone economic growth dipped last year to 2.7%, but still easily outpaced the US economy for the first time since 2001. The rate marked only a marginal slowdown from 2006 when the Euro zone economy grew by 2.8%. The US economy slowed to 2.2% in 2007.
Thursday, February 14th 2008 - 20:00 UTC
Rio Tinto forecasts continued bull market for metals in 2008

Mining giant Rio Tinto expects commodity prices to remain historically high in 2008 and well beyond in spite of the US economic slowdown, said on Wednesday chief economist Vivek Tulpule.
Wednesday, February 13th 2008 - 20:00 UTC
“Project Lifeline” to help contain mortgage mess

Six major United States banks are taking part in an initiative to help homeowners struggling to pay their mortgages. Bank of America, Citigroup, Countrywide Financial, JP Morgan Chase, Washington Mutual and Wells Fargo are those taking part in “Project Lifeline”.
Wednesday, February 13th 2008 - 20:00 UTC
Rainfall brings Paraguay closer to record soybean crop

Farmers in Paraguay, the world's fourth-largest soybean exporter, improved their chances of a record harvest after abundant rainfall aided crops in the first half of the growing season, said the Paraguayan Chamber of Cereals and Oilseeds Exporters, CAPECO.